Each finalist also receives $10,000 for participating in Wednesday night's Griffin readings.

This is the 10th year for the award, which honours one Canadian and one international poet.

Toronto businessman Scott Griffin, and trustees who include writers Margaret Atwood and Michael Ondaatje, created the award.

The Griffin, held in the city's downtown Distillery District, is a more casual affair than the black-tie Scotiabank Giller Prize, which honours the best novel or short story collection of the year.

Among those attending this year's Griffin dinner were Atwood and writers Michael Winter, Nino Ricci and Anne Michaels. Guests noshed on a dinner of lamb chops and asparagus tart with goat cheese before the winner was announced.

This year, the overall prize pot was doubled to $200,000.

Last year's winners were A.F. Moritz of Toronto and C.D. Wright of Providence, R.I.